Poverty Reduction and Growth Trust (PRGT) Pledges Linked to the Distribution of the Remaining SDR 1,750 Million Windfall Profits from Gold Sales

Last Updated: March 28, 2016

As part of a strategy aimed at making its low-income lending sustainable over the longer term, the IMF decided in September 2012 to distribute to the membership in proportion to their quota shares SDR 1,750 million (about US$2.7 billion) of reserves attributed to the remaining profits from its 2009-2010 gold sales program. The resources are in addition to SDR 700 million (US$1.1 billion) that were approved in a similar but separate operation to support low income countries during the global financial crisis. This decision means that all of the windfall profits earned from gold sales have been directed to boosting the IMF’s ability to support low-income countries.

This distribution was subject to the provision of satisfactory assurances by members that they will make new concessional lending subsidy contributions equivalent to at least 90 percent of the amount distributed—i.e. SDR 1,575 million (about US$2.43 billion). This threshold was reached on October 10, 2013, and the distribution was effected on October 22, 2013.

As of March 28, 2016, 157 countries representing 95.07 percent of the distribution have pledged to use their portion of the distribution to subsidize lending to low-income countries, which may currently borrow at zero interest from the Poverty Reduction and Growth Trust(PRGT), the IMF’s concessional lending vehicle.

PRGT Subsidy Pledges Based on the Second Partial Distribution

1(As of September 11, 2015)

Afghanistan

Albania

Algeria

Angola

Antigua and Barbuda

Argentina

Armenia

Australia

Austria

Azerbaijan

The Bahamas

Bahrain

Bangladesh

Barbados

Belarus

Belgium

Belize

Benin

Bhutan

Bosnia and Herzegovina

Botswana

Brazil

Brunei Darussalam

Bulgaria

Burkina Faso

Burundi

Cambodia

Cameroon

Canada

Chad

China

Colombia

Comoros

Congo, Democratic Republic of

Congo, Republic of

Costa Rica

Côte d'Ivoire

Croatia

Cyprus

Czech Republic

Denmark

Djibouti

Dominica

Egypt

Equatorial Guinea

Estonia

Ethiopia

Fiji, Republic of

Finland

France

Gabon

The Gambia

Georgia

Germany

Ghana

Greece

Guinea

Guinea-Bissau

Haiti

Honduras

Hungary

Iceland

India

Indonesia

Ireland

Islamic Republic of Iran

Italy

Jamaica

Japan

Jordan

Kenya

Korea

Kosovo

Kuwait

Kyrgyz Republic

Lao, PDR

Latvia

Lebanon

Lesotho

Libya

Lithuania

Luxembourg

Macedonia, Former Yugoslav Republic

Malawi

Malaysia

Maldives

Mali

Malta

Mauritania

Mauritius

Mexico

Micronesia, Federated States of

Moldova

Mongolia

Montenegro

Morocco

Mozambique

Myanmar

Namibia

Nepal

Netherlands

New Zealand

Nicaragua

Niger

Nigeria

Norway

Oman

Pakistan

Panama

Papua New Guinea

Paraguay

Peru

Poland

Portugal

Qatar

Romania

Russian Federation

Rwanda

Samoa

San Marino

São Tomé and Príncipe

Saudi Arabia

Senegal

Serbia, Republic of

Seychelles

Sierra Leone

Singapore

Slovak Republic

Slovenia

Solomon Islands

South Africa

Spain

Sri Lanka

St. Lucia

Sweden

Switzerland

Tajikistan

Tanzania

Thailand

Timor-Leste

Togo

Tonga

Tunisia

Turkey

Turkmenistan

Tuvalu

Uganda

Ukraine

United Arab Emirates

United Kingdom

United States

Uruguay

Vanuatu

Vietnam

Yemen, Republic of

Zambia

Zimbabwe

1/Pledges made in light of the proposed partial distribution of reserves attributed to remaining windfall profits from the recent gold sales. Pledges may be subject to domestic processes to enable members to make PRGT subsidy contributions.